Oral Answers to Questions

Julian Brazier Excerpts

Tuesday 25th June 2013 Commons Chamber

[Greg Clark]

I have followed the hon. Gentleman’s interventions over time and he should be familiar, as we all are, with the study from the Institute for Fiscal Studies that made it very clear that if the policies of his party had continued, the debt would be £200 billion higher.

[Mr Julian Brazier (Canterbury) (Con)]

Does my right hon. Friend agree that if we look across the channel to countries such as Italy, we see what can easily happen if a Government lose control of public spending?

[Hon. Members]

That is not across the channel.

Oral Answers to Questions

Julian Brazier Excerpts

Tuesday 12th March 2013 Commons Chamber

[Danny Alexander]

The hon. Gentleman makes a very good point. That is the purpose of a number of the schemes I mentioned earlier. The funding for lending scheme is designed to get banks to lend more to small businesses, and a complaints process has been put in place, allowing independent adjudication when cases go wrong. I encourage the hon. Gentleman to refer constituents to the scheme, which has overturned bank decisions in a large number of cases.

[Mr Julian Brazier (Canterbury) (Con)]

In welcoming the funding for lending scheme and the other measures my right hon. Friend mentioned, may I urge him to break up and sell off as soon as possible the publicly owned banks, so that we have more competition on the high street, and constituents of mine who are unable to borrow on good projects have more to choose from?

[Danny Alexander]

It is right that we own large chunks of two banks, because that was necessary to clear up the mess of the under-regulated, overheated banking system that was created under the present Opposition when the shadow Chancellor was City Minister. We are working as hard as we can to get those banks in good order and we are making progress in the direction that my hon. Friend suggests.

Economic Policy

Julian Brazier Excerpts

Monday 25th February 2013 Commons Chamber

[Mr Osborne]

I am very clear, and was clear then, that the test of the Government’s economic credibility is out there in the markets with the interest rates that we can charge and in the corporate tax environment and the general competitiveness of the economy that we offer. Since I made those statements, this country has actually become more competitive and climbed up the league tables of international competitiveness. There was a survey last week on business tax, which said that this country had gone from being one of the least competitive business tax regimes in the world to being one of the most competitive.

[Mr Julian Brazier (Canterbury) (Con)]

Will my right hon. Friend reassure the House that he has no plans to balkanise the responsibility for regulating banks, that he will not sell off half our gold at a knock-down price and that he is not going to let our deficit rip?

Oral Answers to Questions

Julian Brazier Excerpts

Tuesday 29th January 2013 Commons Chamber

[Greg Clark]

I know that the hon. Gentleman was a member of the previous Government who left the mess that we are clearing up, but I would have thought—[Interruption.] I take an interest in Teesside, as he knows. In his article for the Hartlepool Mail, he said:

“The town’s economy has the makings of a modern, innovative and highly skilled manufacturing”

town. The hon. Gentleman should get behind his town and support the city deal for Teesside that his colleagues are campaigning for.

[Mr Julian Brazier (Canterbury) (Con)]

Does my right hon. Friend agree that the combination of rising private sector employment in this country and the number of measures that we are taking, including the largest apprenticeship scheme for almost 50 years, is one reason why our youth unemployment is at a much lower level than that in large parts of Europe? It is now past 60% in Spain.

[Greg Clark]

My hon. Friend is right. It is important that we make sure that our young people have the skills available, and the expansion of the apprenticeship programme is a key feature of that. It is important to send the right message to young people, which is that there is a 90% chance that a young person who joins the jobseeker’s allowance scheme will have a job within a year, and a 60% chance that they will have a job within three months. It is very important that that message gets out and that young people should not be demoralised by the Labour party.

Oral Answers to Questions

Julian Brazier Excerpts

Tuesday 11th September 2012 Commons Chamber

[Danny Alexander]

Before asking that question the hon. Gentleman should have reflected on the fact that the policy of his party’s Front Benchers is to increase borrowing yet further. They recently announced a new approach, known as pre-distribution. We now know what that means: spend money before it has arrived, in the hope that it might arrive in future. That is the policy that failed this country for 13 years and we will not go back to it.

[Mr Julian Brazier (Canterbury) (Con)]

Does my right hon. Friend agree that the 900,000 extra private sector jobs that have been created since the last election will go a considerable way towards easing the fiscal position, as well as cast some doubt over the output figures of the Office for National Statistics?

[Danny Alexander]

I certainly would not wish to question the integrity of the ONS’s figures. However, I join my hon. Friend in highlighting the excellent record of many private sector businesses in creating jobs in all parts of the country over the past two years.

IMF

Julian Brazier Excerpts

Monday 23rd April 2012 Commons Chamber

[Mr Osborne]

As I have explained, we are providing resources to the IMF. It was the previous Government, of whom the hon. Gentleman was a member, who committed the British taxpayer to the eurozone bail-out funds, which we had to get this country out of. I will take comments from my colleagues on the problems with the euro, but it is a bit rich coming from loyal Labour Members who supported Labour’s official policy of taking Britain into the euro.

[Mr Julian Brazier (Canterbury) (Con)]

I support my right hon. Friend’s commitment to that great institution, the IMF, and share his concern about what is happening to our largest export partner, but may I urge him to use the powerful position we have in the IMF, which is underpinned by this latest money, to ensure that there is a realistic examination of whether it is possible to save the southern European members without devaluation?

[Mr Osborne]

I welcome my hon. Friend’s support for this decision. IMF programmes should be very rigorous and there should be plenty of conditionality. As I have said, it is possible to undertake very difficult internal devaluations, as opposed to external devaluations—that is a consequence of remaining in a currency zone—and the IMF will help those countries through that.

Banking Commission Report

Julian Brazier Excerpts

Monday 19th December 2011 Commons Chamber

[Mr Osborne]

indicated dissent.

[Mr Julian Brazier (Canterbury) (Con)]

I welcome my right hon. Friend’s excellent statement, and I also understand why progress on ring-fencing has to be slow. Will he confirm that the guarantee for eligible retail deposits does not necessarily extend to the banks themselves?

[Mr Osborne]

The financial compensation scheme is very clear. We cover 100% of eligible deposits, up to £85,000 in a subsidiary. It is important that people are aware of that, and I think the public are more aware of it than they were three or four years ago. We want the explicit taxpayer guarantee of people’s deposits; what we do not want is the implicit taxpayer guarantee of the banks that took those deposits.

Autumn Statement

Julian Brazier Excerpts

Tuesday 29th November 2011 Commons Chamber

[Mr Osborne]

That is a pretty ludicrous question. We have tried to help families through the freeze in fuel duty in January and with rail fares, and we are uprating working and non-working-age benefits in the way that I set out. We were unable to pay the additional £110 on the child tax credit child element, as I explained. That is because of the substantial increase that the uprating will provide.

[Mr Julian Brazier (Canterbury) (Con)]

I congratulate my right hon. Friend on focusing firmly on monetary policy. May I urge him to consider the box-ticking farce that is the lending policy of most banks and to focus his excellent credit-easing policy on those sectors, such as suppliers to the construction industry, that are particularly disadvantaged by it?

[Mr Osborne]

I want to ensure, in the way that I set out, that the national loan guarantee scheme is available to companies with a turnover of less than £50 million. As I mentioned in my statement, the business finance partnership, which has not had as much attention as the national loan guarantee scheme, is a £1 billion fund—it can be more if it succeeds—specifically targeted at mid-cap companies to provide non-bank financing for those companies alongside, for example, pension and insurance funds.

Eurozone Crisis

Julian Brazier Excerpts

Thursday 3rd November 2011 Commons Chamber

[Mr Hoban]

The money that nations contribute to the IMF goes into its general resources. I believe that there are currently 53 IMF programmes, only three of which are in the eurozone. We have made clear that if the IMF needs to increase its resources to tackle some of the global issues that face economies at present, we will listen to its requests.

[Mr Julian Brazier (Canterbury) (Con)]

While I strongly support my hon. Friend’s tough domestic stance on fiscal matters, may I suggest that, in view of the borrowing problems in Italy, the 20% fall in the monetary base in Portugal and similar problems in Spain, there is a strong case for moving the Cannes conference to the gardens of Versailles?

[Mr Hoban]

My hon. Friend’s question highlights some of the challenges that are being faced in the eurozone. Wherever the summit is being held—in Cannes or in Versailles—what is important is action arising from it that will put eurozone economies back on the right path.

Eurozone Crisis

Julian Brazier Excerpts

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

The honest answer to the hon. Gentleman’s perfectly good question is that, on the morning after the night before, we do not know because important details remain to be resolved. We need to see the detail of how this 50% write-down of Greek debt is going to happen and we need to see how the new firewall will work in practice. We have to see the details: until they are in place, this will remain unresolved and the instability might return. The answer to the hon. Gentleman’s question is that when the detail is in place, we should be able to make an assessment of whether it has calmed the markets and improved the UK growth position.

[Mr Julian Brazier (Canterbury) (Con)]

While strongly supporting my right hon. Friend’s robust defence of the national interest, may I ask him what the statement means where it says “to provide, from the bail-out fund”, presumably the existing bail-out fund, “insurance on new debt issued by eurozone countries”, presumably including Italy?

[Mr Osborne]

The concept here is that first-loss insurance on newly issued debt from countries such as Italy, as my hon. Friend mentions, would be provided out of the special purpose vehicle. That would obviously make it easier for investors to buy bad debt.